Highland Capital Management LLC Purchases New Holdings in Enbridge Inc. (NYSE:ENB)

Highland Capital Management LLC purchased a new stake in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) in the third quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 5,054 shares of the pipeline company’s stock, valued at approximately $205,000.

Other large investors also recently bought and sold shares of the company. Grove Bank & Trust lifted its position in Enbridge by 56.7% during the 3rd quarter. Grove Bank & Trust now owns 771 shares of the pipeline company’s stock valued at $31,000 after acquiring an additional 279 shares during the period. MFA Wealth Advisors LLC raised its holdings in Enbridge by 55.6% in the third quarter. MFA Wealth Advisors LLC now owns 784 shares of the pipeline company’s stock worth $32,000 after buying an additional 280 shares during the last quarter. TruNorth Capital Management LLC purchased a new position in Enbridge in the second quarter worth about $28,000. William B. Walkup & Associates Inc. purchased a new position in Enbridge in the second quarter worth about $28,000. Finally, Ameritas Investment Partners Inc. purchased a new position in Enbridge in the first quarter worth about $29,000. 54.60% of the stock is owned by hedge funds and other institutional investors.

Enbridge Stock Performance

Shares of ENB stock opened at $40.94 on Monday. The company has a 50 day moving average price of $40.60 and a 200-day moving average price of $37.76. Enbridge Inc. has a 52 week low of $31.31 and a 52 week high of $42.16. The firm has a market capitalization of $87.36 billion, a PE ratio of 20.78, a P/E/G ratio of 4.00 and a beta of 0.93. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 1.34.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings results on Friday, August 2nd. The pipeline company reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.13. Enbridge had a net margin of 13.31% and a return on equity of 10.07%. The firm had revenue of $8.29 billion during the quarter, compared to analyst estimates of $4.28 billion. During the same period in the previous year, the business posted $0.51 earnings per share. As a group, equities research analysts expect that Enbridge Inc. will post 2.08 earnings per share for the current year.

Enbridge Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Thursday, August 15th were paid a $0.669 dividend. The ex-dividend date was Thursday, August 15th. This represents a $2.68 dividend on an annualized basis and a dividend yield of 6.54%. Enbridge’s dividend payout ratio is presently 134.01%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on ENB shares. Jefferies Financial Group cut shares of Enbridge from a “buy” rating to a “hold” rating in a report on Monday, September 30th. Morgan Stanley started coverage on shares of Enbridge in a report on Friday. They issued an “equal weight” rating for the company.

About Enbridge

Enbridge Inc, together with its subsidiaries, operates as an energy infrastructure company. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services. The Liquids Pipelines segment operates pipelines and related terminals to transport various grades of crude oil and other liquid hydrocarbons in Canada and the United States.